?The Monetary Board (MB) approved the guidelines on Open Finance Framework which is seen as a key enabler for digital transformation and financial inclusion.
The Open Finance Framework recognizes that advances in technology will facilitate the development of bespoke products and services for every Filipino using their own consumer data.
BSP Governor
The Open Finance Framework promotes consent-driven data portability, interoperability, and collaborative partnerships between financial institutions and fintech players. Consumers will have the power to grant access to their financial data that will shape a customer-centric product development objective. The framework covers different financial institutions and a broader array of financial products such as, but not limited to, banking products and services, investments, pensions, and insurance.
The BSP expects a tiered implementation of the framework based on data sensitivity, and types of data and data holder. The tiers are not necessarily sequential, and multiple implementations may occur at the same time. The first tier involves sharing of product and service information and other details of financial products/services that are already readily accessible online. The second tier involves sharing of subscription and new account applications information. The third tier involves sharing of account information or personal and financial information provided by a customer. The fourth tier covers transactions data, such as payments and other financial transactions data. The fifth tier covers those not covered by tiers 1-4 and other more complex financial products or use cases.
An industry led body, called the
The Open Finance Framework is informed by the results of an industry survey conducted by the Bangko Sentral, consultations with global subject matter experts, and comparative study of regulatory landscape in other jurisdictions. This policy initiative also benefited from the support of the Financial Sector and Intellectual Property (FSIP) component of the
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